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Villagers watch the sunset over a small lagoon near the village of Tangintebu on South Tarawa in the central Pacific island nation of Kiribati May 25, 2013. CHINESE INTEREST AS WESTERN BANKS EXIT"The proposed World Bank project is a creative way of addressing the challenge of de-risking and small scale in Pacific Island countries," said Lalita Moorty, the World Bank's East Asia and Pacific director for prosperity. Without access to overseas banks, Pacific countries would struggle to receive remittances - a key component of their economies - welcome holidaymakers or trade with the wider world. "It can create instability for the financial system," said Denton Rarawa, senior economics adviser at the Pacific Islands Forum. "What we're saying is that if you're not going to address concerns and issues we have, Pacific countries will start looking elsewhere for support."

Persons: David Gray, Solomon, Lalita Moorty, Denton Rarawa, Mark Brown, Janet Yellen, Ariff Ali, Lewis Jackson, Lucy Craymer, Ziyi Tang, William Mallard Organizations: REUTERS, Villagers, WELLINGTON, Bank, U.S, Pacific Islands, World Bank, Pacific, ANZ Bank, Westpac, Bendigo Bank, Bank of China, Reuters, Cook, U.S . Treasury, Federal Reserve, Reserve Bank of Fiji, Thomson Locations: Tangintebu, South, Pacific, Kiribati, SYDNEY, Australia, China, Washington, Nauru, Solomon Islands, Taiwan, Beijing, U.S, East Asia, Papua New Guinea, Vanuatu, Tonga, Samoa, Brisbane, Pacific Islands, Sydney, Wellington

☆ Another nail in the coffin for 'Summer Fridays'
▼ + stars: | 2024-07-12 | by ( Paige Bruton | Geoff Weiss | ) www.businessinsider.com time to read: +1 min

PwC has gradually curtailed Summer Fridays in recent years. Some partners expected the perk to be eliminated altogether, The Financial Times reports. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . The Big Four accounting firm is slashing its "Summer Fridays" to a span of six weeks this year, The Financial Times reported. PwC first introduced Summer Fridays in 2021, and gave Friday afternoons off for a three-month span in 2022.

Persons: PwC, — Organizations: Financial Times, Service, Business

☆ ETF Innovators: 11 people disrupting the industry, creating unique products, and delivering mammoth returns
▼ + stars: | 2024-07-11 | by ( William Edwards | ) www.businessinsider.com time to read: +1 min

We highlight 11 people disrupting the ETF industry and delivering impressive returns for investors. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . According to PwC, total ETF assets under management have grown by almost 19% a year over the last five years. And asset management giants seem more willing to enter the ETF space, according to Nate Geraci, president of The ETF Store. This story is available exclusively to Business Insider subscribers.

Persons: —, It's, Morningstar, Nate Geraci Organizations: issuances, Service, Securities, Exchange, Business Locations: PwC

☆ Tech workers look like the real winners of the AI talent war
▼ + stars: | 2024-07-07 | by ( Jyoti Mann | ) www.businessinsider.com time to read: +1 min

Big Tech firms such as Google and Microsoft are competing for top AI talent. But workers may be the real winners of the battle as they're securing bigger compensation packages. AdvertisementTech companies are embroiled in an intense war for top AI talent. "AI talent is in high demand, with companies offering impressive compensation. This competitive market is pushing up salaries and providing attractive financial incentives for tech workers," Srinivasan said.

Persons: —, Ram Srinivasan, JLL, Srinivasan Organizations: Big Tech, Google, Microsoft, Service, Tech, Meta, Business Locations: Levels.fyi

☆ AI is everywhere, and businesses don't know where to start. Here's what consultants are telling clients.
▼ + stars: | 2024-06-28 | by ( Lakshmi Varanasi | Tim Paradis | ) www.businessinsider.com time to read: +8 min

Some 900 of PwC's top 1,000 consulting clients are now working with the firm on incorporating AI into their businesses, a spokesperson told Business Insider. Even as some companies focus on how AI might rewrite corporate playbooks, some businesses are asking consultants how to get started. Advertisement"Many CIOs are afraid that they don't have the right skills," he told BI. Where to beginMany companies are still determining how they might use AI and GenAI, according to several consultants. This enables greater seamlessness down the line, and that is where the magic lies," he told BI.

Persons: —, Ben Ellencweig, Allison Bailey, Bailey, Greg Sward, They're, Jim Rowan, Rowan, Vlad Lukic, Roy Singh, Joe Atkinson, Atkinson, Deloitte's Rowan, Bain's Singh, PwC's Atkinson, he's, Singh Organizations: Service, Business, McKinsey & Company, Boston Consulting, KPMG US, Deloitte Consulting, Bain & Company, Companies, Carrefour, & $

☆ Bosses are using 'silent lay-offs' and 'quiet firing' to get rid of employees. It could backfire.
▼ + stars: | 2024-06-26 | by ( Mikhaila Friel | ) www.businessinsider.com time to read: +6 min

But the latest workplace trends — "silent layoffs" and "quiet firing" — could be the most harmful to date. Silent layoffs occur when a company provides staff with severance packages but asks them to keep quiet about the details of their exit. Amit Rawal, a management lecturer at City University of London's Bayes Business School, told BI that silent layoffs have become "increasingly popular across larger corporations." Related storiesThe goal of silent layoffs is likely to minimize the amount of negative traction the company receives. Advertisement'A PR disaster waiting to happen'Experts told BI that quietly getting rid of employees could easily backfire when employees opt to fight back and speak out.

Persons: —, PwC, Mohamed Kande, Amit Rawal, Eloise Skinner, it's, Skinner, Lucas Botzen, Suzanne Horne, Paul Hasting, Evan Nierman, Banyan, Dan Buckley, Buckley, Nierman, Horne Organizations: Service, Business, Financial Times, PwC Global Network, Europa Press, City University, London's Bayes Business, National Labor Relations, CNN, National Labor Relations Board, Dell, Workers, Amazon, BBC

☆ Abu Dhabi wants to be an AI leader. Aligning with the US is just the start
▼ + stars: | 2024-06-26 | by ( Amy Gunia | ) edition.cnn.com time to read: +7 min

CNN —The world’s first minister dedicated to developing artificial intelligence (AI) strategy is already becoming embroiled in a global power struggle for tech supremacy. The UAE is one of the world’s largest producers of fossil fuels, and Abu Dhabi sees its AI push as crucial for diversifying away from oil. Christopher Pike/Bloomberg/Getty ImagesWashington has also limited the sale of sophisticated US chips to ensure China doesn’t use Middle Eastern nations as a back door to access the newest AI technology, according to Reuters. By opening up the technology, Abu Dhabi is positioning itself as an ally to developing nations that don’t have the resources to build their own AI tools. In March, a report commissioned by the US State Department warned that the most advanced AI systems could, in a worst-case scenario, “pose an extinction-level threat to the human species.”Olama has some specific concerns.

Persons: Biden, Omar Al Olama, “, Zayed Al Nahyan, Abu Dhabi, ”, ” Olama, Al Olama, ’ ”, Christopher Pike, Olama, Abu Dhabi’s, ” James Lewis, Abu Dhabi’s Mohamed bin, Gifty Sahany, Lewis, ” He’s Organizations: CNN, Microsoft, United Arab Emirates, UAE, PwC, Commerce Department, Huawei, Etihad, United, Bloomberg, Getty, Washington, Reuters, Nvidia, Apple, Technology Innovation Institute, Google, Center for Strategic, International Studies, Washington DC, University of Artificial Intelligence, Systems, US State Department Locations: Abu Dhabi, UAE, China, United States, Dubai, Gulf, United Arab Emirates, Beijing, Washington, University, Valley

☆ Marketing is the "voice of the client back to the business" says PwC's Antonia Wade
▼ + stars: | 2024-06-25 | by ( Julia Hood | ) www.businessinsider.com time to read: 1 min

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☆ At some point we'll have to address the exploding entitlement spending, says PwC's Rohit Kumar
▼ + stars: | 2024-06-20 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailAt some point we'll have to address the exploding entitlement spending, says PwC's Rohit KumarKitty Richards, former Treasury official, and Rohit Kumar, former policy director for Sen. Mitch McConnell, joins 'Squawk Box' to discuss the CBO's $1.9 trillion federal budget deficit estimate for 2024, how tax proposals by President Biden and former President Donald Trump will impact the deficit, and more.

Persons: PwC's Rohit Kumar Kitty Richards, Rohit Kumar, Sen, Mitch McConnell, Biden, Donald Trump Organizations: Treasury

☆ M&A dealmaking landscape is showing signs of life, PwC report finds
▼ + stars: | 2024-06-20 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailM&A dealmaking landscape is showing signs of life, PwC report findsKevin Desai, U.S. Deputy Deals Platform Leader at PwC, discusses the state of M&A, dealmaking, and IPOs.

Persons: PwC, Kevin Desai Locations: PwC

☆ India wants to be a developed nation by 2047. Here are 4 critical areas Modi can't ignore
▼ + stars: | 2024-06-20 | by ( Charmaine Jacob | In Charmainemariajacob | ) www.cnbc.com time to read: +7 min

India has undergone a massive infrastructure push and has made significant strides in connecting and modernizing its highways, railways and airports. He's going to double down on that," said Samir Kapadia, CEO of India Index and managing principal at Vogel Group. "Along with creating physical infrastructure, India needs to remain steadfast on the structural reforms ... Increase foreign investmentsFrom veteran emerging markets investor Mark Mobius to global strategist David Roche, market experts remain bullish on India. Foreign direct investments into the country needs to however pick up pace to further drive economic growth and development, analysts told CNBC.

Persons: Vikram Singh, Narendra Modi, Modi, Reema Bhattacharya, Verisk, Modi's, he's, Samir Kapadia, Nirmala Sitharaman, Santanu Sengupta, Goldman Sachs, Sengupta, Richard Rossow, Kapadia, Sumedha Gupta, Vivek Prasad, Prasad, Mark Mobius, David Roche Organizations: Bharatiya Janata Party, BJP, Infrastructure, India Index, Vogel Group, Nurphoto, CNBC, Center for Strategic, International Studies, Padget Electronics, Dixon Technologies, Bloomberg, Getty, Research, India Electronics, Semiconductor Association, Economist Intelligence Unit, Centre, Monitoring, National Stock Exchange of, World Federation of Exchanges Locations: India, Asia, China, Mumbai, Noida, PwC India, National Stock Exchange of India

☆ UK inflation is finally back at 2%. Here’s why rate cuts are still ‘off the table’
▼ + stars: | 2024-06-19 | by ( Hanna Ziady | ) edition.cnn.com time to read: +3 min

That suggests the Bank of England won’t follow the European Central Bank in cutting interest rates when it meets Thursday. A rate cut in August, when UK policymakers meet next, is now also less likely. Other economists, including analysts at Nomura, thought an August rate cut was still possible if pay rises and the price of services cooled further. “For an August rate cut, we will need other economic news to play ball,” the analysts wrote in a note. UK inflation peaked at 11.1% in October 2022, driven to a 41-year high by surging food and energy costs.

Persons: ”, Zara Noakes, Rebecca Florisson, Jake Finney Organizations: London CNN —, Bank of, Bank of England, European Central Bank, JPMorgan Asset Management, Nomura, “ Workers, Work Foundation, Lancaster University, PwC Locations: United Kingdom, England, United States, Europe

☆ Kia says hybrids aren't a threat to EVs but are the perfect gateway to electrification
▼ + stars: | 2024-06-11 | by ( Benjamin Zhang | ) www.businessinsider.com time to read: +5 min

While EV sales fell in the first quarter of 2024 by more than 15% compared to the previous three months — their first drop since 2020 — hybrid sales are booming. But Kia sees hybrids as an opportunity to get potential BEV buyers in the door. AdvertisementBut if you look at the largest and arguably most important segment these days, compact SUVs, hybrids account for nearly one-fifth of sales, Kosowski said. AdvertisementFor Kia, building hybrids instead of EVs affects its bottom line beyond the revenue it generates. EVs cost substantially more to build than ICE and hybrid vehicles.

Persons: —, Steve Kosowski, Kia, Kosowski, Kia Niro, ROBIN TRAJANO, BEV, ZEV Organizations: Service, Business, Long, Kia Motors America, EV, Kia, ICE Locations: PWC

☆ Check out the very corporate goodbye email PwC told staffers to send if they're taking a buyout
▼ + stars: | 2024-06-10 | by ( Meghan Morris | ) www.businessinsider.com time to read: +1 min

PwC offered UK buyout packages and directed staff on how to communicate their exits. The buyout comes amid slowing client work, with PwC and other firms cutting jobs and delaying hires' starts. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementAfter accounting giant PwC offered UK buyout packages in recent weeks, staff were directed on exactly how they should communicate their exits, the Financial Times reported. The FT saw a note sent to employees that told them they could not talk about the circumstances of their departure.

Persons: PwC, — Organizations: Service, Financial Times, Business

☆ A millennial who retired at 32 explains the 'life happiness index' he used to decide to go back to work after 8 months
▼ + stars: | 2024-06-02 | by ( Noah Sheidlower | ) www.businessinsider.com time to read: +7 min

So he did just that, working slightly fewer hours but maintaining a strong balance between work, family, and hobbies. It's all part of his "life happiness index" that drives his financial and life decisions. Some wanted to resume their past jobs, while others looked to lower-stress roles like nonprofit or charity work. He keeps track of a "life happiness index," which he said is highest when he balances his work with family and hobbies. When considering his "final" retirement, he said he plans to work as long as he enjoys it.

Persons: Jace Mattinson, Mattinson, —, wasn't, He's, I've, he's Organizations: Service, Business, Dallas, Brigham Young University Locations: PwC, Dallas, Austin, Texas, Oklahoma

☆ Taxing vs. spending problem: What's next for tax policy reform
▼ + stars: | 2024-05-30 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailTaxing vs. spending problem: What's next for tax policy reformRohit Kumar, PWC Washington National Tax Services principal and co-leader, and Kimberly Clausing, UCLA School of Law economist and professor, join 'Squawk Box' to discuss the state of tax policy reform, what could be next for tax policy under a future Biden or Trump administration, and more.

Persons: Rohit Kumar, PWC, Kimberly Clausing, Trump Organizations: PWC Washington National Tax Services, UCLA School of Law, Biden Locations: PWC Washington

☆ PwC agrees deal to become OpenAI's first reseller and largest enterprise user
▼ + stars: | 2024-05-29 | by ( Ryan Browne | ) www.cnbc.com time to read: +1 min

PwC said the deal will see its U.S. and U.K. employees and clients gain access to the latest tools from OpenAI. PwC landed a deal Wednesday with OpenAI to become the artificial intelligence company's first resale partner and largest enterprise user. PwC will hand ChatGPT Enterprise licenses to over 100,000 employees — 75,000 in the U.S. and 26,000 in the U.K. — according to Wall Street Journal, which earlier reported on the deal. PwC did not specify the number of workers that would use ChatGPT Enterprise. PwC didn't disclose the financial terms of the deal.

Persons: PwC, OpenAI, PwC didn't Organizations: Microsoft, ChatGPT Enterprise, Enterprise, —, Wall Street Locations: U.S

☆ PwC inks deal with OpenAI for powerful ChatGPT version as almost all its consulting clients 'actively' engage with AI
▼ + stars: | 2024-05-29 | by ( Lakshmi Varanasi | ) www.businessinsider.com time to read: +1 min

PwC has a new deal with OpenAI as the largest user and first reseller of ChatGPT Enterprise. The deal comes amid surging interest in GenAI, with 950 of its top 1,000 clients engaging with it. "Your business strategy and your AI strategy in this world need to be intertwined," said a PwC exec. AdvertisementBig Four consultancy firm PwC has a new deal with OpenAI to help its staff and clients leverage generative AI. The companies announced Wednesday that PwC will now be the largest user of ChatGPT Enterprise, the most powerful tier of ChatGPT geared toward businesses.

Persons: PwC, —, OpenAI Organizations: OpenAI, ChatGPT Enterprise, Service, US, Business Locations: GenAI, OpenAI

☆ South Africa has failed its Black majority. Nelson Mandela’s political heirs may pay the price
▼ + stars: | 2024-05-27 | by ( Hanna Ziady | ) edition.cnn.com time to read: +12 min

When South Africans vote Wednesday, an unhappy combination of rampant corruption, soaring joblessness, crippling power cuts and feeble economic growth will likely be top of mind. Black South Africans, who make up 81% of the population, are at the sharp end of this dire situation. ‘Elite enrichment’Under apartheid — and colonial rule before that — Black South Africans were violently oppressed and denied many basic human rights. Millions of South Africans still live in such informal settlements. “The poster child of this is the electricity sector.”For much of last year, South Africans were without power for at least some portion of the day.

Persons: ”, Nelson Mandela’s, —, Cyril Ramaphosa, Leon Sadiki, BEE, Moeletsi Mbeki, Thabo Mbeki, White, “, Tshediso Matona, Anders Pettersson, Black, …, Kganki Matabane, Matthew Parks, Matona, Mbeki, Ricardo Hausmann, Jacob Zuma, Haroon Bhorat, Michele Spatari, ” Bhorat, hasn’t, ANC “, Zuma, Ramaphosa, Cas Coovadia, Hausmann Organizations: Johannesburg CNN, National Congress, ANC, World Bank, Oxford Economics, Harvard University, Democratic Alliance, Bloomberg, Getty, South African Institute of International Affairs, Wits University, CNN, ”, BBEE, Black Business Council, South African Trade Unions, Harvard’s, University of Cape, South Africa’s Free, International Monetary Fund, Fitch, IMF, JPMorgan, Shell, Unilever, Business, Business Unity, Harvard Growth Locations: London, Johannesburg, Sudan, Africa, Alexandra, South Africa, Leon, Isipingo, KwaZulu, Natal, South, ”, University of Cape Town, loadshedding, Namahadi, Frankfort, Business Unity South Africa

☆ Learning how to use AI could boost your pay by 25%, study finds
▼ + stars: | 2024-05-21 | by ( Anna Cooban | ) edition.cnn.com time to read: +3 min

London CNN —Jobs that require artificial intelligence skills offer significantly higher wages than those that don’t, according to new research published Tuesday. Consultancy PwC studied advertisements, posted last year, for a range of jobs, including app programmers, lawyers and accountants. It found that wages for AI-related roles were on average 25% higher in the United States than for comparable jobs in the same field that did not require those skills. Between 2012 and 2023, the number of jobs requiring AI skills grew 3.5 times faster than the total of all jobs across the countries studied, according to the report. “AI could be the missing piece of the UK’s productivity puzzle, bringing a boost to the economy, wages, and living standards,” said Sahneh at PwC.

Persons: PwC, ” Mehdi Sahneh, Barret Kupelian, ”, ” Randall Kroszner Organizations: London CNN, PwC, Bank of Locations: United States, United Kingdom, Canada, North America, Europe, Asia, PwC

☆ The lunch rush is dead as Americans live for the weekend
▼ + stars: | 2024-05-19 | by ( J.J. Mccorvey | Haley Messenger | ) www.cnbc.com time to read: +6 min

These signs point to a new normal for Americans' post-pandemic leisure spending, which has stayed resilient despite the higher costs of going out. In 2023, 1.88% of the food and drink transactions Square processed took place between 11 a.m. and noon on Saturdays, up from 1.60% in 2019. Nowhere was the shift toward evening and weekend spending starker than in Boston, one of 23 major cities Square analyzed. There, a 10.1% decline in weekday lunch transactions was more than offset by 10.3% and 1.6% increases in weekend and happy hour transactions, respectively. "I don't really prioritize drinking during the weekdays," Louie said, and his weekend leisure spending "is quite inconsistent."

Persons: That's, Ara Kharazian, Brunch, Kharazian, Sara Senatore, AJ Kurban, Kurban, it's, Soojin Lee, Cornell University's Nolan, Young, They're, Senatore, I'm, Nicholas Louie, Louie Organizations: University of Toronto, ARA, Bank of America, Cornell University's, Cornell University's Nolan School of Hotel Administration, Covid Locations: U.S, workdays, Boston, Brooklyn, Manhattan, York

☆ Climate crisis brings high school friends together to back startups overlooked by other VCs
▼ + stars: | 2024-05-09 | by ( Lora Kolodny | In Lorakolodny | ) www.cnbc.com time to read: +3 min

Childhood friends Jeremy Brewer and Sam Levac-Levey started their first clean energy startup in 2018. Six years later, they're launching a new venture fund to invest in climate tech companies overlooked by their peers. According to PwC's 2023 study on the state of climate tech, more than 70% of investment went into energy and mobility. Brewer said Starshot is looking to invest in companies that offer "gigaton-scale solutions, that can increase their customers' profitability and revenue." They entered a climate tech accelerator in Canada called Creative Destruction Lab, where they worked for months to perfect their plan.

Persons: Jeremy Brewer, Sam Levac, Levey, Brewer, who's, Starshot, Levac Organizations: Google, Facebook, Tesla, SpaceX, Starshot, CNBC Locations: Montreal, Canada

Entry-level jobs are typically thought of as positions requiring little to no prior experience or skills. But it's a longstanding gripe among job seekers on social media that job listings' requirements are more ambitious. "Companies listing 'Masters preferred' for entry level office positions," posted another. In a 2022 report from McKinsey & Company, the second-most-cited barrier to employment was a lack of experience, relevant skills, credentials or education. Less than 61% of human resources leaders said in 2023 that they are hiring for entry-level and less-specialized positions, down from 79% in 2022, according to a PwC survey.

Persons: Julia Pollak Organizations: Finance, Treasury Department, McKinsey & Company Locations: TestGorilla

☆ Exclusive: French VC firm Ventech has exited digital music company Believe and launched its 6th fund
▼ + stars: | 2024-04-30 | by ( Riddhi Kanetkar | ) www.businessinsider.com time to read: +3 min

Read previewVenture capital firm Ventech has sold its stake in digital music company Believe, saying the company's lack of liquidity has led to it being "chronically undervalued" on the Paris Stock Exchange. "It wasn't really possible to use the Believe stock to accelerate its build-up," he added. Related stories"The management wanted to size the company, but the stock price and liquidity wasn't allowing that," he said. Ventech has raised an initial closing for its sixth fund, targeted at around €225 million ($241 million). Ventech has made initial deals from its sixth fund, backing French startup Firecell and German real-estate management company Einwert.

Persons: —, Ventech, Jean Bourcereau, Thomas Bravo, Bourcereau Organizations: Service, Paris Stock Exchange, Business, London Stock Exchange Locations: Ventech, €, Europe, Stockholm

☆ What it's like to work at Deloitte, PwC, KPMG, and EY: pay, perks and RTO policies
▼ + stars: | 2024-04-20 | by ( George Glover | ) www.businessinsider.com time to read: 1 min

DeloitteDaniel Leal/AFP via Getty ImagesBusiness Insider analyzed disclosure data from the US Office of Foreign Labor Certification to work out how much each member of the Big Four pays its employees. At Deloitte, salaries range from $49,219 a year for entry-level analysts to as much as $875,000 a year for senior principals. The firm's US operation employs just over 170,000 people across 80 offices, with its headquarters at 30 Rockefeller Plaza in New York. Employees are entitled to 16 weeks of paid parental leave, can take three or six-month sabbaticals at 40% of their base pay, and are eligible for a wellbeing subsidy worth up to $1,000. Deloitte doesn't have a set RTO policy, although this may vary from team to team.

Persons: Daniel Leal, Deloitte doesn't Organizations: Getty Images, of Foreign Labor, Big, Deloitte, Rockefeller, Employees Locations: New York

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